Tipped off to this by a friend who lives in the Hollywood Sector. Says this lil' indie dude from Uruguay is blowing up in Hollywood because of this. Sorta like a proto District Nine scenario, I guess. Anyway i thought it was cute, despite the trite soundtrack.
Hey Mr. Pony, did you sell your giant octopi theory to Hollywood?! I thought this trailer had to be a parody, but I found a reference to the movie on imdb.